Yahoo buying into GMarket

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Yahoo buying into GMarket

And no, it’s not a new Google product (but wouldn’t that be a weird news story!). According to ZDNet,”U.S. Internet firm Yahoo is buying a 10 percent stake in South Korea’s No.2 online retailer Gmarket, giving it a foothold in one of Asia’s fastest-growing e-commerce industries.” More from the story:

“Gmarket is fast catching up with eBay, and it seems to be on track to rise to the top position as early as this year,” said Lee Sang-koo, an analyst at Hyundai Securities.

“EBay may see competition from a growing number of rivals hurt its market share, while Gmarket will be able to take advantage of Yahoo’s media platform as well as advance its efforts to expand overseas.”

As Google Base, supposedly a eBay rival, hasn’t really taken off, perhaps this is Yahoo’s circuitous way of dominating the retail/commerce market?